Is Cloud Token A Scam Or Big Crypto Jackpot?
Welcome to this Cloud Token review. Many of you are reading this post because you want to
This brief Cloud Token review provides a discussion about this multi-level marketing company, its offers, and ways in which affiliates can earn commissions.
Is Cloud Token A Scam – Quick Summary
- Product: Cloud Token
- Registration fee: $500
- Rating: 30/100
- Do I recommend? No
- Cloud Token is marketed as a digital currency platform and social wealth wallet.
It operates on an MLM business model, and you can only earn commissions by investing $500.
Cloud Token is located in Asia, but it’s registered with the Australian Securities and Investment Commission.
People from the US and India make up majority of its affiliates.
However, this company’s story is filled with inconsistencies that will become a problem in the future.
Although it has an MLM business structure, it is more of a pyramid scheme, since recruitment is the bedrock of its compensation plan.
Cloud Token Update February 2020
According To The website
According to regional press, the Cloud Token scam artists are likely connected to the Plustoken swindlers, a similar Ponzi fraud scheme.
You can read the entire report by clicking here.
What is Cloud Token?
Cloud Token is among the new operators in the digital currency domain.
As seen in its website, Cloud Token is the first-ever “social wealth wallet” and platform that integrates all cryptographic assets.
It is designed based on the 4.0 blockchain platform technology.
Cross-chain payment and encryption exchange can be implemented with this type of technology.
The company is aspiring to become the standard token in the blockchain industry.
Cloud Token is a registered company under the Australian Securities and Investment Commission (ASIC). This information can be verified here.
How Do You Earn Money On Cloud Token?
By simply subscribing to Jarvis AI and making a deposit of at least $1, you will start receiving CTO Tokens every day.
To earn more, you need to become an affiliate and refer others to Cloud Token.
Before I talk about Cloud Token’s compensation plan, you should bear in mind that the only way to earn commissions is when the people you recruit make a minimum deposit of $500 in cryptocurrency.
If your recruits deposit any amount less than $500, you won’t be paid any commissions.
Who Are The People Running Cloud Token?
Here are the guys behind Cloud Token.
Ronald Aai
The bio of Mr. Aai reveals that he is the official blockchain platform architect of Cloud Token.
He is referred to as a seasoned entrepreneur who has established numerous businesses online.
Also, he is a specialist in providing solutions for telco systems, blockchain technology, mobile wallets, and others.
Simon Tran
This guy calls himself a “blockchain influencer and investor.”
He has a 5-year experience in blockchain technology and cryptocurrency.
Tran is based out of Toronto, Canada and is credited with “bringing Cloud Token to North America”.
Matthew Suen
Aside from the fact that he acts as the tech program director of Cloud Token, we can’t find much information about Mr. Suen, as his bio doesn’t give enough details of what he does.
His bio merely describes him as a “Swiss-educated entrepreneur” who has traveled to work in six countries.
He is also a strong participant in the blockchain industry.
What Is The Sign-Up Fee for Cloud Token?
You don’t have to pay any fee to become a Cloud Token affiliate.
Nevertheless, you need to deposit nothing less than $500 in crypto if you wish to earn commissions.
There Are Serious Issues With Cloud Token
It’s just a matter of time before investments like Cloud Token run short of new investors.
It will eventually collapse due to the lack of future investors.
- It doesn’t have any physical address.
While the company’s ASIC data shows that its registered address is in Launceston, Tasmania, the problem is that no street address is given in the data.
As a result, it is difficult for anyone to know whether this is the company’s real address or it was falsified to enable them to register with the Australian Securities and Investment Commission.
- Inconsistency is another issue.
Ronald Aai, who is among the leading personalities behind Cloud Token, reportedly lives in Singapore.
Aai
- It is not registered with the Securities and Exchange Commission of other countries.
All business entities providing financial services are mandated to register with government agencies responsible for regulating securities and other financial operations.
Although Cloud Token is truly registered with the Australian Securities and Investment Commission, it is neither registered in Malaysia (where its office is allegedly situated) nor in India and the United States (which are the host countries of most of its interested affiliates).
What this means is that Cloud Token is technically operating an illegal business in your locality if you do not reside in Australia.
Thus, once the company is shut down by the regulators, affiliates who have invested money could suffer a huge loss, and it would be impossible to recoup
Cloud Token is similar to other cryptocurrency MLMs I’ve reviewed on this blog such as:
More Things I Don’t Like About Cloud Token
- It has a very expensive initial investment fee.
To earn commissions, affiliates must make an initial investment of not less than $500. An ordinary individual can’t really afford that. Anyway, this is probably a blessing in disguise, as it will discourage many people from investing in the scheme.
- There is no consistency about who runs this company.
You’ll find out that Aai, Suen, and Tran are the people behind Cloud Token when you look at the company’s website.
On the other hand, you’ll notice that the management team consists of Caucasians, like Leonard Nevin, Enrique Santos, Fasial King, and Daniel Csokas, when you check the company’s whitepaper.
James Radecki, Julian Zawistowski, Carolyn Reckhow, Bryan Feinberg, and Beau Dos Zarracina are other personalities included in the whitepaper.
With the exception of Csokas, every other person in this list doesn’t seem to have a direct connection with Cloud Token.
This makes no sense, except Aai and company intentionally made up some stories and grabbed photos online to deceitfully authenticate the document.
Could Cloud Token be a Scam?
Unfortunately, yes, the company is a scam.
The fact that the company is not registered with the government regulating agencies in its countries of operation is a clear indication that it is a scam.
It is essential that the company registers with the agencies that regulate financial activities in countries where it operates, since it has an MLM/affiliate program that allows people to invest their money.
Down the line, the lack of transparency will be a problem for affiliate, especially when the company faces difficulty and absconds with their money.
Moreover, there are discrepancies in some stories about Cloud Token.
The company’s office is located in Kuala Lumpur, Malaysia, but it is registered with the ASIC in Australia.
It is also very possible that the people listed on its whitepaper do not exist, or are not aware that their photos, names, and other personal information were used in the document.
So, can Cloud Token be considered a great investment?
Sadly, no.
No More Scams!
As a matter of fact, what I strongly suggest is that you stop relying on the pyramid schemes of unknown scammers and build your own online business.
The moment you come to understand that you’re going to have to participate in your own financial rescue, the sooner you can start making real progress toward financial freedom.
Wealthy Affiliate is the BEST platform I know to help people with ZERO experience build a profitable online business.
None of these guys, Ronald Aai, Simon Tran, Matthew Suen, absolutely no one, can get you out of your own financial lack and limitation but YOU.
These guys don’t care about your financial situation – they care about one thing, one “bottom line” – that’s PROFITS.
The days are gone when you can throw money at an online business and see what sticks.
Most of these cryptocurrency MLM “programs” are outright SCAMS designed to suck money out of your wallet.
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